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One big point that is often overlooked with most VPS hosting is that usually these are provided in the same way as most dedicated servers - i.e. unmanaged. So that means if you're taking a VPS you need to have the capability to manage the system yourself (e.g. compile, upgrade, patch, troubleshoot etc.) and that can mean your site(s) spend a lot of time offline if you don't know how to do these things or otherwise aren't around to handle them.
For some people that's absolutely fine - if it's a "hobby" site then of course learning how to run a server and solve these little (and large) problems from time to time can be a fun process. However, obviously it isn't a good way to run any kind of commercial site or service.
For commercial purposes you should explicitly target your search at providers offering managed services. There you enter a whole minefield about what "managed" actually means because it's a very generic term - you'll need to talk to each prospective provider individually to understand what you can expect from them, where the various responsibilities lie, and what limitations exist (e.g. in what circumstances might they charge more for some kind of admin work, and is there anything which just isn't possible within the scope of their service etc.).
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